The Pradhan Mantri Jan Dhan Yojana has emerged as a transformative force in India’s financial landscape over the past decade, revolutionising access to banking for women, rural populations, and marginalised communities. According to BJP national spokesperson Tuhin A Sinha, the scheme has become a cornerstone of India’s socio-economic progress and a global benchmark for inclusive financial systems.
Launched in August 2014 by Prime Minister Narendra Modi, PMJDY aimed to bring every unbanked household into the formal financial system. Modi described the initiative as a “festival to celebrate the liberation of the poor from a vicious cycle.” Over the last ten years, the scheme has enabled seamless government transfers, empowered underserved populations, and laid the foundation for India’s digital financial ecosystem.
Sinha highlighted the scheme’s design features—including zero-balance accounts, minimal paperwork, and free RuPay debit cards with accident insurance—as key enablers of access for the poorest segments. He called the goal of universal banking access “audacious” and credited PMJDY with bridging gender and regional disparities.
The scheme’s integration with Aadhaar and mobile numbers created a robust, consent-based framework for financial access. Its success has inspired countries in Africa and South Asia to adopt similar models through India’s Global DPI Repository.
From 17.9 crore accounts in August 2015, PMJDY expanded to 50.14 crore accounts by August 2023. Only 8.2 percent of accounts are zero-balance, indicating active usage, with 81.2 percent operative as of August 2022. Deposits grew 7.6 times between 2015 and 2022, reflecting increased financial engagement.
The scheme’s outreach to rural areas, which account for 67 percent of total accounts, and to women, who hold 55.5 percent of accounts, underscores its inclusive impact. Digital transactions also surged, driven by RuPay cards and UPI. Overall digital transactions rose from 1,471 crore in FY 2017–18 to 11,394 crore in FY 2022–23. RuPay card transactions at PoS and e-commerce platforms increased from 67 crore to 126 crore, while UPI transactions jumped from 92 crore to 8,371 crore during the same period.
Sinha concluded that PMJDY’s performance over the past decade is a testament to its transformative impact and its role in reshaping financial inclusion globally.
